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Morocco Sees Government's Budget Deficit Narrowing in 2019

Morocco Sees Government's Budget Deficit Narrowing in 2019

Saturday, 20 October, 2018 - 06:30
London - Asharq Al-Awsat
Morocco’s 2019 draft budget forecasts a deficit narrowing to 3.3 percent of gross domestic product in 2019, down from 3.8 percent expected in 2018, a government statement said on Thursday.

Based on an average cereals harvest of seven million tonnes, 2019 economic growth is forecast at 3.2 percent, down from 3.6 percent this year, the government said in a statement issued after approving the draft budget at its weekly council.

The government also said it is planning to spend 17.67 billion dirhams on subsidies of wheat, cooking gas and sugar, up 4.65 billion dirhams compared with last year.

The portion of the budget dedicated to health services would expand by 1.6 billion dirhams to 16.3 billion dirhams, while 750 million dirhams would be distributed to support vulnerable groups including widows, orphans and the disabled.

Firms with annual net profits above 40 million dirhams will aslo be subject to a 2.5 percent solidarity tax on their net profit in 2019.

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